Yesterday's movement of the SPY for JanWk2 is really something else to consider. Why I say this is because the Kijun Sen and the Tenkan Sen are looking to converge. That is a bearish sign as if the SPY tonight were to drop, then we are likely to see prices come crashing down this week.
For the moment, it is still above the Kumo (Cloud), so maybe in that sense it is safe. But, if tonight the SPY were to dip further, then it is going to be bearish from here onwards.
Well, if that were to happen, then we should be able to find a good Put Spread to sell this week. :) Let's keep our fingers crossed.
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